Bitcoin Experiences Major Breakthrough After Overcoming Resistance

Bitcoin recently experienced a new local high of $54,500, and now support levels will likely manage to focus on the $50,000 mark.

Pivotal resistance taken care of as Bitcoin comes close to 6% of the all-time high

It was earlier today that Bitcoin managed to come close to setting 6% of their all-time high when they were able to overcome a significant $52,000 resistance. The BTC/USD bitstamp also indicated steady improvements as per the one-hour candle chart, according to sources from Trading View.

2-week highs reached as BTC price continues to rise

Trading View has indicated the recording of a new local high for BTC/USD, which reached $54,500 this past Tuesday. This is good news for Bitcoin, as despite the amount dropping by $1K to $53,500 as a result of retracement and high volatility, BTC has still managed to remain above the crucial resistance level. This also tied into the latest attempt at breaking away from the sideways trading corridor, however, this move is still very much synthesizing at the time of this article.

Furthermore, plenty of analysts have been observing $52,000 as the amount upon which the upcoming stage for Bitcoin’s bull-run will be set. Nevertheless, Bitcoin is not quite out of the woods yet as they are still required to provide at least $50,000 as support prior to beginning their weekly trading activities.

Kjell Inge Røkke claims obtaining the $70,000 mark is Bitcoin’s destiny’

Kjell Inge Røkke, one of Norway’s most influential and richest individuals, made headlines of his own when he recently unveiled his own version of a Bitcoin-based cryptocurrency firm, one that will utilize BTC as its only treasury asset. When asked about why he decided to do this, he simply stated that BTC could be reassembled, verified, stored, divided and lastly transported as per the needs of anyone who requires as such, and it can be done at essentially little to no cost.

Utilizing Fibonacci levels, experts and analysts alike are predicting that Bitcoin has set at least $70,000 as its target area and moreover that it is simply a matter of time before they get there, thus realising their ‘destiny’, as Kjell Inge Røkke would put it.